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U.S. wheat and corn futures rose by daily limits on Feb. 24, 2022, while soybeans reached their highest since 2012 as Russian forces attacked Ukraine.
Wheat hit a more than nine-year high and corn reached an eight-month peak.
Worries over Russian and Ukrainian grain supplies prompted traders to hold grain at home, tightening available supply and lifting prices. Feed buyers face higher costs for corn, wheat and soybean-based feed ingredients.
cnbc.comReutersFeb 24, 2022After 361 past bullish geopolitics events, Wheat (SRW) moved a median +0.7% over 5 sessions (58% higher; middle half -1.4% to +3.7%), and +1.3% over 20.
After 323 past bullish geopolitics events, Corn moved a median +0.5% over 5 sessions (57% higher; middle half -1.5% to +2.9%), and +0.9% over 20.
After 72 past bullish geopolitics events, Soybeans moved a median +0.4% over 5 sessions (60% higher; middle half -1.0% to +2.5%), and -1.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Corn futures rose by the daily limit to an eight-month high on Feb 24 as the invasion began, driving the start of the 5-day move.
